Savings (Share) Accounts

The basic savings account that every member must have in order to retain membership in the credit union. Earns dividends--usually at a higher rate than most other financial institutions pay-- and acts as overdraft protection for your checking account.

• Open your Savings Account for $10 or more which includes a $5 non-refundable membership fee.
• Keep just $50 in the account at the end of the month to avoid a service fee.

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Checking (Share Draft) Accounts

As of January 1, 2006, all Share Draft (Checking) accounts will no longer incur a monthly service fee or require a minimum balance. And, unlike other so-called free checking accounts, you are not required to maintain any other account types with high balance requirements in order to qualify. It's Free Checking that's REALLY free.

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McCoy VISA DebitCard

The McCoy Federal Visa DebitCard is both a plastic check and an ATM card. It's everything you've been looking for in a checking account minus the high prices.

• Pay for your purchases wherever Visa is accepted and the amount of your purchase comes from your checking account.
• It's quick and easy and you avoid all the hassles of having to write checks.
• Your McCoy Federal Visa DebitCard is also your ATM card.
• Use it to withdraw cash, check balances, or make deposits.
• Free when you open your McCoy Federal Checking Account.

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Individual Retirement Accounts (IRA)

An Individual Retirement Account is an excellent path to retirement savings. Your contributions may be tax-deductible and will grow either tax-deferred or tax-free.

A Coverdell Education Savings Account (ESA), formerly Education IRA, is a great way to meet the rising costs of a student’s education.

Recent tax law changes have made IRAs and ESAs even better.

The annual contribution limits have increased for Traditional IRA’s and Roth IRA’s to:

In 2002 thru 2004 ….. $3,000
In 2005 thru 2007 …...$4,000
In 2008 and after ……$5,000

After 2008, the contribution limit will be adjusted annually for inflation in $500 increments. These annual limits apply to any combination of IRA plans other than the ESA (Education IRA).

Traditional IRA

To contribute to a Traditional IRA you must have earned income and not have reached age 70 ½ by the end of the year. McCoy Federal requires participants to be 18 years of age or older to get an IRA. Investments grow on a tax-deferred basis and earnings are taxed upon withdrawal. Contributions are fully tax deductible if you are not an active participant in an employer retirement plan. Otherwise, phase-out rules apply.

Roth IRA

You can contribute to a Roth IRA as long as you have earned income, even after age 70½. McCoy Federal requires participants to be 18 years of age or older to get a Roth IRA. Contributions are not tax deductible; however contributions and earnings (if it is a qualified distribution) can be withdrawn tax free. You are not required to begin distributions after age 70½. By converting your traditional IRA to a Roth IRA, you can enjoy tax-free withdrawals (if it is a qualified distribution.) However, the amount you convert may be subject to income tax at that time.

Coverdell ESA (formerly Education IRA)

Beginning in 2002, the annual contribution amount has been increased from $500 per beneficiary to $2,000 per beneficiary.

While there is no tax deduction for amounts contributed to an ESA, earnings grow tax-free. Your ESA can be used to pay qualified elementary school and secondary school expenses as well as higher education.

** Catch-up contributions – For years beginning in 2002, individuals who have reached age 50 by the end of the year will be able to make additional catch-up contributions of $500 per year to their traditional or Roth IRA. For taxable years beginning in 2006, the additional catch-up amount increases to $1,000.

** NOTE – Please see your tax advisor before making any decisions regarding your
IRA/ESA. Federal regulations are subject to change.

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Share Certificate Accounts

Share certificates pay one of the higher rates of all deposit accounts. Members can select terms from 6 months, 1, 2, 2 1/2, 3, or 5 years. There is a $1,000 minimum deposit required to open your share certificate.

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Money Management Share Account (MMSA)

This is a special share account that allows you to write a limited number of checks each month. It pays dividends from the day of deposit to the day of withdrawal on the balance you keep. There is a $1,000 minimum deposit required to open the account.

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Youth Savings Program

A special program for children and teens between the ages of 5 and 17. Encourages them to save, and rewards them with gifts when they achieve specified savings goals. Regular accounts are also available for children under age 5.

Golden Eagle Club

Members 55 and older can enjoy many financial services free of service charge or at money saving discounts.

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